Akerna (NASDAQ:KERN) stock is on the move Friday after the company revealed plans to merge with crypto company Gryphon Digital Mining.
This merger agreement includes an all-stock transaction and will also see Akerna change its name to Gryphon Digital Mining once the deal is completed. As a result of the merge, shareholders of KERN stock will become exposed to the Bitcoin (BTC-USD) mining industry.
As part of the agreement, Akerna is selling its software business to POSaBIT Systems Corporation (OTCMKTS:POSAF). The sale will include MJ Freeway — which contains MJ Platform and Leaf Data System brands — as well as Ample Organics. These are systems Akerna used in the cannabis industry.
With this deal, Akerna is exiting the cannabis software industry to become an “ESG-committed, carbon-neutral bitcoin miner.”
KERN Stock Movement on Friday
Investors don’t appear to be reacting well to today’s news as KERN stock sees heavy trading. Nearly 1 million shares of the stock are changing hands as of this writing. For comparison, the company’s daily average trading volume is about 704,000 shares.
KERN stock is down 14.6% as of Friday morning.
Investors seeking out more of the latest stock market news will want to keep reading!
InvestorPlace is home to all of the most recent stock coverage traders need for Friday! Among that is what’s moving shares of Hasbro (NASDAQ:HAS), Freightos (NASDAQ:CRGO) and Quince Therapeutics (NASDAQ:QNCX) stock today. You can read up on all of that news at the links below!
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On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.